JumpCrypto's Kariya claims in an FTX tweetstorm that cryptocurrency was seduced by a "false messiah"

In reference to the disgraced former CEO of FTX, Sam Bankman-Fried, Jump Crypto president Kanav Kariya claims that a "false messiah captivated an audience broader than ever before." Kariya is also emphasizing the need for more robust trust layers in the cryptocurrency industry.

"FTX’s alleged fraud would have been seen as fraud 100 years ago. The fact that it’s surfaced in an industry predicated on abstracting trust is a cruel trick," On Sunday, Kariya stated in a tweet.

The executive claimed that due to the demise of the centralized exchange, there is now more pressure on everyone to create trust layers that are more reliable and quick.

"In an environment of degrading social trust, crypto and abstractions of trust are more relevant than ever," he added. "The negative consequences of the dissolution of trust bear heavily on our industry, and in my opinion, greatly outweigh the positives. Low trust slows innovation and progress dramatically."

In the past, trust has enabled societies and commerce to grow. Still, it has a "long, arduous, and subjective process that doesn't prevent infractions, but rather penalizes them," according to Kariya.

The foundation of cryptocurrency is the idea of "trustless systems," which refers to networks in which participants are not required to know one another or depend on a third party like a bank or government.

"Can we trust each other? It’s one of the fundamental questions that, after the still unbelievable demise of FTX, our industry is struggling to answer," said Kariya.